AML Assessment – Standard

1. Question

What does ML stand for and what does it mean?

ML means Money Laundering and it is the processing of the proceeds of criminal activity to disguise its source/origin, to enter the financial system

ML means Money Laundering and it is the processing of applications by customers who want to open a bank account

ML means Money Legislation and it is the processing of the proceeds of criminal activity to disguise its source/origin, to enter the financial system

ML means Movement Legislation and is the process of reducing the amount of money in the financial system

2. Question

What is Anti Money Laundering?

Anti Money Laundering the process by which controls are put in place to stop someone from opening a bank account

Anti Money Laundering the process by which controls are put in place to grow the customer base of a company

Anti Money Laundering the process by which controls are put in place to hinder, stop or reduce the impact of Money Laundering

Anti Money Laundering the process by which controls are put in place to identify the best suppliers

3. Question

Which is not a stage of Money Laundering?

Placement

Layering

Adoption

Integration

4. Question

The stage of money laundering where proceeds or crime are moved around and disguised e.g moved through multiple accounts and shell companies is known as

Integration

Adoption

Placement

Layering

5. Question

Which activity below may indicate the possibility of money laundering?

Unnecessary Cash Transactions

Sudden unexplained change in business activity

Source of funds does not match customers explanation

All of the above

6. Question

What is an example of Complex Ownership?

Being unable to identify the true beneficial owners of funds, a company, or an asset. There may be layers and layers of companies and it is complex to decipher who the ultimate beneficial owner is.

There are two people who own a property

A politician and a civilian owns a company

A customer uses debt and cash to buy a car

7. Question

If your business activity requires you to adhere to regulatory requirements on money laundering and you do not, you could be fined. True of False?

True

False

8. Question

What does SAR stand for and what is it used for?

Suspicious Automation Register – It is used to automate the Anti Money Laundering process

Suspicious Activity Report – It is used to document suspicious activity identified on a customers account. Regulators could ask for a list of SARs

Suspicious Automation Report – This is a report that counts the number of new users and sends a copy to the Central Bank of the respective country

Suspicious Activity Report – It is used to document suspicious activity of a competitor in relation to breaking competition laws

9. Question

What is an MLRO?

Money Laundering Reporting Officer

Money Laundering Recruitment Officer

Money Laundering Responsible Officer

Money Laundering Representative Officer

10. Question

Which is not an AML Control?

Creating Governance for AML Operations

Having Policies and Procedures for AML Operations

Ensuring you have an MLRO (Money Laundering Reporting Officer), engaging in continuous monitoring of customer accounts and ensuring you recruit adequate staff and train them on AML

All of the above

AML Assessment – Standard

Assessment Summary

Information

Results

Results

Categories

You have not passed the assessment!

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10. Question

AML Assessment – Standard

Assessment Summary

Information

Results

Results

Categories

You have not passed the assessment!​

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

9. Question

10. Question

You have not passed the assessment!